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August 19th Financial News
Summary:
China's Foreign Ministry: Since China and Japan have not yet carried out maritime delimitation in waters east of Taiwan, China does not accept the notion of the so-called "Japanese EEZ"; Trump is caught in a fierce judicial offensive, and whether to announce his presidential candidacy in advance has led to a dilemma for Republicans; a former executive of Donald Trump's company has pleaded guilty to tax evasion charges; Estonia launches a visa offensive against Russia and its President says that "it's a privilege not a human right" to visit Europe; Israel and Turkey are restoring full diplomatic relations, with each having its own intentions; Norway's sovereign wealth fund lost nearly 15% in the first half of the year, with only the energy sector gaining a positive return.
【Quick Facts】
1. China's Foreign Ministry: Since China and Japan have not yet carried out maritime delimitation in waters east of Taiwan, China does not accept the notion of the so-called "Japanese EEZ."
2. Trump is caught in a fierce judicial offensive, and whether to announce his presidential candidacy in advance has led to a dilemma for Republicans.
3. A former executive of Donald Trump's company has pleaded guilty to tax evasion charges.
4. Estonia launches a visa offensive against Russia and its President says that "it's a privilege not a human right" to visit Europe.
5. Israel and Turkey are restoring full diplomatic relations, with each having its own intentions.
6. Norway's sovereign wealth fund lost nearly 15% in the first half of the year, with only the energy sector gaining a positive return.
【News Details】
China's Foreign Ministry: Since China and Japan have not yet carried out maritime delimitation in waters east of Taiwan, China does not accept the notion of the so-called "Japanese EEZ"
The Chinese forces are conducting a series of military exercises in the waters around the island of Taiwan, which is a necessary and legitimate step to fight back the major provocative moves of the United States and "Taiwan Independence" separatist forces and resolutely safeguard China's national sovereignty and territorial integrity. China hopes that the Japanese side can really adhere to the one-China principle and do more to help maintain peace and stability in the Taiwan Strait.
Trump is caught in a fierce judicial offensive, and whether to announce his presidential candidacy in advance has led to a dilemma for Republicans
In addition to being investigated by the U.S. Department of Justice and FBI over the possession of classified documents, Mr. Trump and his trusted followers are also facing investigations or litigation pressure from Congress, Georgia, New York, etc.
The most high-profile of these is the congressional investigation into the accident that the extremist Trump supporters stormed the U.S. Capitol on January 6, 2021.
Between June and August of this year, the United States House Select Committee in charge of this investigation held a total of eight public hearings, revealing that Trump and his trusted followers spread conspiracy theories about "election fraud" during the 2020 election and tried to pressure government officials at all levels to interfere with election efforts, and the details that they allowed and even encouraged Trump supporters' behavior on January 6, 2021, when the United States Capitol attack happened. But so far, the evidence revealed by these investigations has not had a significant impact on Trump's leadership and influence within the Republican Party.
A number of polls have shown that Trump remains the most popular 2024 presidential candidate among the majority of Republican voters, far surpassing Florida Governor Ron DeSantis who ranks second and has the support of about 20% to 30% of Republican voters.
In addition, the U.S. Congress, as a legislative body, does not have the power to bring public prosecutions. Whether or not to prosecute Trump will ultimately be decided by the U.S. Department of Justice. The serious legal risks have made Trump increasingly face the choice of whether to announce his candidacy for the 2024 presidential election in the near future.
A former executive of Donald Trump's company has pleaded guilty to tax evasion charges
Allen Weisselberg, the former chief financial officer of the former U.S. President Donald Trump's company, pleaded guilty to 15 charges including criminal tax fraud and falsifying business records at a court in New York on August 18.
Estonia launches a visa offensive against Russia and its President says that "it's a privilege not a human right" to visit Europe
On August 18, the ban on entry of Russian citizens, previously announced by the Estonian government, came into force.
This means that Russian citizens who were issued Schengen visas by the Estonian government in the fields of tourism, business, sports, and culture will not be allowed to enter the Estonian border since the ban came into effect. This is the latest step in the "visa offensive" launched by some EU member states against Russia in recent days.
In addition to Estonia, Finnish Foreign Minister Pekka Haavisto recently also announced that Finland will reduce the number of visas issued to Russian citizens by 90% from September 1 - down from the current level of about 1,000 visas a day to 100 per day.
Germany has stated that it will not cooperate and follow up on this initiative.
Israel and Turkey are restoring full diplomatic relations, with each having their own intentions
After nearly a year of warming bilateral relations, the two Middle Eastern countries with significant geopolitical influence - Israel and Turkey - announced on August 17 that they agreed to fully restore diplomatic relations between the two countries, which have been in turmoil since 2018, and will reassign ambassadors and consuls general to each other after their relations gradually improve.
In a statement released on August 17, the Israeli prime minister's office said the decision to formally restore diplomatic relations between Israel and Turkey will help "deepen ties between the two peoples, expand economic, trade, and cultural exchanges, and strengthen regional stability." "we will continue to strengthen Israel's position in the world," the statement added.
As part of the resumption of bilateral relations, Israel and Turkey are expected to soon reassign their ambassadors and consuls general to each other and will resume Israeli airlines' direct commercial flights to Turkey; however, the two sides did not provide a specific timeline.
Turkish Foreign Minister Mevlüt Çavuşoğlu confirmed at a press conference in the capital Ankara on August 17 that the appointment of a new ambassador to Israel is "one of the steps toward normalizing relations" between Turkey and Israel.
Norway's sovereign wealth fund lost nearly 15% in the first half of the year, with only the energy sector gaining a positive return
The world's most successful sovereign wealth fund saw a 15% retreat in the first half of the year due to market turmoil in the U.S. and Europe amid high inflation and central bank rate hikes.
Norges Bank Investment Management (NBIM) posted a negative return of 14.4% on its portfolio in the first half of 2022, according to its first-half results report released on August 17. With its 2021 return of 14.5%, the retracement in the first half of this year has fully wiped out the earnings of last year.
Its portfolio totaled about $1.21 trillion at the end of June, after declining by 1.68 trillion Norwegian crowns ($174 billion) in total portfolio market value in the first half. In the first half of the year, many large investment institutions recorded unsatisfactory returns. Berkshire Hathaway recently announced an investment loss of more than $45 billion in the first half of the year, and Japan's Government Pension Investment Fund (GPIF) lost nearly $44 billion in the same period.
Nicolai Tangen, CEO of NBIM, explained that in the first half of 2022, global markets were characterized by rising interest rates, high inflation, and the Russia-Ukraine conflict, which led to a decline of more than 17% in NBIM's equity portfolio, with technology stocks performing particularly poorly with a return of -28%.
At the end of June, 68.5% of its portfolio was invested in equities, 28.3% in fixed income, 3% in unlisted real estate, and 0.1% in unlisted renewable energy infrastructure.
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